Credit Rating Scores Credit rating scores are numbers produced by a mathematical formula according to the information contained in your credit report. This information is processed through special software and a score is arrived at. The score is used by financial institutions for evaluating an individual's possible ability to pay back a debt. Credit rating scores vary at different times depending on the changes or additions in your credit history. Every credit rating score is accompanied by a maximum of four reason codes. Reason codes indicate the reason why a consumer did not score high. There are various credit rating systems. Fair Isaac Credit Rating Score (FICO) is the most widely used system of credit scoring in the United States. The scores depend on several factors including payment history, amounts owed, length of credit history, pattern of credit use, and types of credit in use. Factors that can damage your credit rating score include absence of credit references, late payments, and unfavorable credit card use. Usually, credit rating score is a three digit number ranging between 375 and 900. The median score in the United States is about 720. Higher scores mean more financing options and better interest rates. Scores below certain numbers result in the rejection of credit. When you apply for a mortgage, home equity loan, car loan, line of credit, or business loan, the financial institutions first check your credit rating scores from the credit bureaus. Credit rating scores significantly affect your ability to get credit. Borrowers now use the scores as a part of their general financial promotion strategy. Some insurance companies use your credit rating score to set your premium rates and some prospective employers use this to estimate your sense of responsibility. Credit Rating provides detailed information on Credit Rating, Repair Credit Ratings, Free Credit Ratings, UK Credit Ratings and more. Credit Rating is affiliated with Bad Credit Repair.